Belgium’s new capital gains tax on securities: 10 key points

Following a government agreement reached on 30 June 2025, a new 10% tax on realised capital gains from the sale of financial assets – such as shares, cryptocurrencies and insurance contracts – is likely to take effect from 1 January 2026. Although we already know the big picture, a lot of the detail has yet to be clarified.

Two comments to consider:

• We have not yet seen the latest version of the bill and it is therefore likely that some of the information below will be subject to change.
• The way in which some of the measures would be applied in practice remains to be clarified. As such, we cannot yet provide comprehensive information on the exact scope of the new plan.

The information contained in this article is intended for Belgian residents.

1. Who does the new tax apply to?

The new tax would apply to anyone taxed as an individual or legal entity.

2. What does it consist of?

A capital gains tax would apply to capital gains realised following (i) the transfer “for consideration” (ii) of financial assets. The concept of “normal management of private assets” would be abolished for realised capital gains on these financial assets.

2.1 Financial assets

The concept of “financial assets” would apply to financial instruments, some insurance contracts, cryptoassets and currencies, including precious metals such as gold.

“Financial instruments” refer to listed and unlisted shares, bonds, money market instruments, derivatives, units of undertakings for collective investment and ETFs (trackers). Generally speaking, this concept covers all securities that may be deposited in a securities account.

Branch 21, 23 and 26 life insurance contracts, whether established under Belgian or foreign law, would likewise be affected by the new tax.

Finally, some financial assets including pension savings, group insurance and – generally speaking – all supplementary Pillar 2 and 3 pension products would be exempt from capital gains tax.

2.2 Transfer for consideration

The regime would only apply where a capital gain is realised upon a transfer for consideration outside the professional activity.

Consequently, transfers made in the context of a donation or succession are unlikely to be a target of the new tax.

In the case of a donation, however, it seems that in the event of a later resale the recipient would be subject to tax on the realised capital gain, taking into account the original acquisition price paid by the donor.

3. Entry into force: 1 January 2026 with exemption for historical capital gains

The new regime would apply to capital gains realised starting 1 January 2026. Historical capital gains accrued prior to this date would not be subject to tax, thus avoiding a retroactive effect for the new regime.

4. Introduction of an exit tax

A taxpayer would not be able to avoid capital gains tax by relocating their tax residence or “seat of fortune” abroad: capital gains realised from a transfer of assets within two years of relocation would still be subject to tax in Belgium. However, the way in which this exit tax would be implemented in practice is yet to be clarified.

5. General capital gains tax regime with separate 10% rate

Capital gains would be taxed at 10%. The tax would be levied on a withholding basis. There would be a general exemption for a first tranche of EUR 10,000. This EUR 10,000 amount would be indexable every year. It would be possible to carry over the balance of the unused first tranche for five years up to a maximum amount of EUR 1,000 per year, thus taking the maximum amount of the exempt first tranche to EUR 15,000.

The question had long been considered as to an exemption for capital gains on financial assets held continuously for at least 10 years; in the end, this approach will not be adopted.

6. Specific regime for capital gains on significant interests

A specific regime would be put in place for the taxation of realisable capital gains by a taxpayer holding a significant interest of at least 20% of a company’s capital.

It should be noted that, contrary to what the initial plan foresaw, the 20% threshold is likely to apply solely to the taxpayer concerned and no longer take into account the interests held by the members of their family up to the fourth degree.

In addition, this specific regime would apply to capital gains realised on significant interests held in all types of company, including a management company or family holding company, with no distinction based on whether the shares are listed or not.

This specific regime for significant interests would provide an annual exemption for an initial tranche of EUR 1 million in capital gains (amount indexable annually), following which the capital gains would be taxable at progressive rates varying between 1.25% and 10%:

7. Retention of Reynders tax

Against all expectations, it would appear that the Reynders tax will now remain in place.

The Reynders tax imposes a 30% tax on the “interest” portion of the realised capital gain on the resale of shares in SICAVs that invest over 10% of their assets in debt receivables. However, changes to the way in which this tax is applied will be needed to ensure these two capital gains tax regimes can co-exist.

8. Taxable base and determination of the capital gain

The taxable base for the capital gains tax would correspond to the positive difference between the price received for financial assets sold and the acquisition value of these assets. Any expenses or taxes would not be taken into account in the calculation of the capital gain. It would be possible to deduct any capital losses made on financial assets in the same category and during the same taxable period.

It is the value of the asset as at 31 December 2025 that will be taken into account when determining the purchase price of securities held before the new tax enters into effect (i.e. 1 January 2026).

The practical procedures for the valuation of assets such as unlisted shares are also likely to clarified.

It should also be noted that if the historical acquisition value were to be higher than the value as at 31 December 2025, it is the former that would be taken into consideration, provided that the taxpayer furnishes proof thereof according to the procedures still to be clarified (deduction of the tax by the bank, taking into account the value as at 31 December 2025, and reclaimed by the taxpayer as part of their personal income tax return?).

9. What about capital losses?

Capital losses realised during the year would be deductible and could therefore reduce the amount of capital gains realised during the same year.

Please note, however, that it would not be possible to carry forward capital losses realised during a particular year to the following tax year.

10. Withholding of tax at source

Under the general tax regime, the new tax on capital gains would in principle be withheld by intermediaries established in Belgium. Exemption for the first tranche of EUR 10,000 and the deduction of capital gains could then be obtained by each taxpayer through their annual personal income tax return.

At first glance, the withholding of capital gains tax on significant interests is likely to take place through the annual personal income tax return.

However, taxpayers may be able to choose an opt-out system of paying the tax through their annual personal income tax return rather than through a deduction at source by their bank.